All Forum Posts by: Gary Tucker

@Alicia Marks

Not surprised that contractor is the top answer.

I was a commercial finishes (drywall,paint, etc) contractor before becoming an LO. Very difficult to find quality finishers and its only getting harder.

I know this is old post but thought I'd share-- There are lenders who offer loans for manufactured properties. There's a few more requirements than stick-built, but essentially the same. 

There are plenty of lenders that finance manufactured for primary, but not many for investment purposes. There are a few that will do purchase and refinance DSCR loans on manufactured though.

@Krissie Cole

There are a few lenders out there who finance manufactured homes for investors. A manufactured usually has a good rent to value so DSCR programs work well.

@Nick Beveridge

There are lenders that offer DSCR and other investor loans for manufactured homes. There's a few extra guidelines but essentially the same.

Hi Aaron, 

If you're still looking for financing on your manufactured homes let me know. I have a few lenders we work with that offer loan programs for investors.

Hey Jon,

I think there's some options for your scenario. There's loan programs that might fit but would require a little more info to qualify. Send me a message if your still looking and I'll dig deeper.

Lenders aren't going to be too concerned with your tax status or type of corporation. If your going for construction, fix/flip, rehab etc. then experience will matter most. Otherwise an LLC will be fine and previous history will most likely not come into play for a DSCR. More important are credit score, down payment, rent income, property value.

We've had an LLC with 2 different DBA's and changed filing status from LLC to S-corp for one biz. It's doable to change name but a lot easier to run a new DBA that you can use instead.

FYI I send out a lot of DSCR quotes and while experience does make the process smoother, it's not a requirement or anything.

Double taxation for a C-corp only becomes an issue when paying shareholders after the tax year. It can be avoided with issuing bonuses or dividends in the same tax year. 

We have major renovations going so not much left at end of year. When the time does come, I can pay myself a bonus for the taxable profit at end of year to avoid the double tax. Being C-corp is good when adding shareholders or selling company in my opinion.

I like the standard LLC just because you don't have to worry about the double tax or payroll. Any profit flows through to your personal return.

If you go the S-corp route you will have to pay yourself a reasonable wage according to the IRS for your industry. We have our real estate biz in LLC taxed as C-corp mainly because we are growing the business, not making a living on the income. The S-corp is good for established small businesses owners like bars, cafes, restaurants, etc. It helps avoid the big self-employment tax at end of the year really.

Really best thing is to talk with accountant and let them know what your trying to accomplish, short and long term.

Good Luck